Federal Reserve Bank Blames Altcoins for Bitcoin Price Drop

The Federal Reserve Bank of St. Louis has released a detailed report about the likely future of Bitcoin from three perspectives.

According to the FRB report, the high supply of altcoins is the reason for the low price of Bitcoin. Analysts from the bank believe that if there were no altcoins in the market, all the crypto investors would seek Bitcoin which would make its price sky rocket.

The Bank adds that Bitcoin may experience a bullish race if Bitcoin ETFs are approved.